Texas TRS' Plan to Invest More Than $3 Billion With Emerging Managers

The Teachers Retirement System of Texas (TRS) announced plans last year to invest an additional $3 billion with Emerging Managers over 3-5 years. This came on top of an existing $5.8 billion TRS has already invested with emerging managers since 2005. In this installment of Perspectives, NAIC's online video series, Jarvis Hollingsworth, Chairman of the TRS Board of Trustees, explains how the program was structured and why a 'transition portfolio' was implemented for certain managers.

Investment Committee Trustees and Board Members Invited to ENGAGE Trustee Education Symposium

Representatives from institutional investors are invited to join NAIC, GCM Grosvenor and the Diverse Asset Managers Initiative (DAMI) at ENGAGE (Educating the Next Generation of Allocators on the Growth of Emerging and Diverse Managers) on March 24-25 in Oakland, CA. ENGAGE is a unique educational workshop designed to meet the growing interest of investors seeking to learn about the merits, best practices, and strategies for investing in small, emerging, and diverse managers (SEDMs). This initiative aims to provide programming tailored for investment staff and board trustees, familiarize participants with data that supports SEDM investing, address top objectives and roadblocks to capital allocations, and expand the universe of allocators and managers alike.

To register or for more information, contact engage@gcmlp.com

Bloomberg Report: Hedge Funds Not Led by White Men Outperform Peers Nearly 2 to 1

A Bloomberg analysis of hedge fund data concluded that hedge funds not controlled by white men had returned almost double their peers over the last three years – 6.6% compared to about 3.9%. The report also finds that the funds not managed by white men outpaced their peers by about 41% during the previous five years. These results also hold true during times of crisis, according to Bloomberg.

From William Blair: Incentivize Good

Known as the father of financial futures, Dr. Richard Sandor, Chairman and CEO of the American Financial Exchange, joins the William Blair Investment Management podcast, The Active Share, for an in-depth conversation about his journey to becoming a financial innovator. He discusses creating the Chicago Climate Exchange; his newest venture, Ameribor, an alternative to LIBOR; and why doing well and doing good don’t have to be exclusive. Sandor’s comments are edited excerpts from the podcast.

Fairview Capital Report: Number of Woman and Diverse-Owned PE and VC Firms Continue to Rise

The market supply of woman and diverse-owned private equity and venture capital firms rose to 394 at the end of 2019, compared with 312 at the end of 2018, according to Fairview Capital's 2019 Market Review of Woman and Minority-Owned Private Equity and Venture Capital Firms. The recently released report states that since 2014, this group has grown at a compound annual growth rate of 29%, implying a high rate of new firm formations by women and minorities. Nearly half of these firms are currently raising capital. However, these firms represented less than 10% of all private equity firms in the market as most continue to remain below the radar of institutional investors and are underrepresented in their portfolios.

New Job Opportunities Available at CalPERS

CalPERS has announced it has several job opportunities and invites qualified candidates to apply. For information about the responsibilities, benefits, requirements and how to apply, click on the position link.

• Total Portfolio is recruiting to fill one Deputy Chief Investment Officer position. Applications will be accepted until the position is filled.
• Growth Assets is recruiting to fill one Deputy Chief Investment Officer position. Applications will be accepted until the position is filled.

Chicago Teachers Seeking MWDBE PE Managers

The Public School Teachers' Pension & Retirement Fund of Chicago has issued its RFP for minority-, women- and disabled-owned private equity managers. The plan is seeking closed-end strategies in a commingled fund structure and may split the allocation between multiple managers. Growth, lower middle-market buyout, middle-market buyout, co-investment, distressed and special situations strategies will be considered, and equity and equity-focused strategies are preferred.

A copy of the RFP is available through the plan's website (https://www.ctpf.org/post/investment-procurements) and the deadline for proposals is March 6. Questions related to the RFP should be directed to Angela Miller-May at millermaya@ctpf.org, Alternative Investments Portfolio Manager Andrew Kelsen at kelsena@ctpf.org and Investment Portfolio Analyst Summer Qiu at qius@ctpf.org.

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